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Property developments: Finding the sweet spot
Published on 01 Nov 17 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
Structuring property developments is a complex task at the best of times. It is infinitely more difficult where self-managed superannuation funds (SMSFs) are involved. Self-managed superannuation funds can undertake property developments by themselves, in partnership or indirectly through entities but are governed by a strict compliance framework in the Superannuation Industry (Supervision) Act 1993 (SISA) that is often difficult to satisfy. For advisers, failure to comply with the relevant compliance requirements now result in automatic administrative penalties of up to $10,800 per trustee. It is therefore critical that advisers have a detailed understanding of the structuring, tax and superannuation compliance issues when advising their SMSFs. The purpose of this article is to set out the superannuation compliance issues and SISA considerations that must be addressed where an SMSF is to be involved in a property development.
Author profile
Clinton Jackson
Clinton Jackson is a partner in Cooper Grace Ward’s commercial team, advises his clients on an extensive range of commercial and corporate matters, business mergers, acquisitions and sales, tax and structuring issues, self-managed superannuation, asset protection and succession, restructuring and exit strategies. Clinton’s unique range of expertise enables him to assist his clients with both their personal and business legal issues and to advise through all phases of the business/investment lifecycle – from start-up, to growth, expansion, transition and exit. Clinton is an accredited SMSF Specialist Advisor with the SMSF Association and a member of the Society of Trust and Estate Practitioners. - Current at 10 December 2024
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